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Seattle, WA

Apartment

Vacancy has remained favorable so far overall in the Seattle apartment market, but it has been rising; additional increases are expected. The rate for the third quarter of 2017 was 5.1%, up 30 basis points for the period and up 20 year-to-date following a loss of 40 basis points all told through 2016. The market’s recent rent growth has been astonishing. From the end of 2011 through the third quarter of 2017, asking and effective averages saw overall increases of 59.2% and 60.3%. Gains for 2016 alone were 10.5% and 11.0%—and the increases recorded for 2015 ran at about 13.0%. While growth is slowing, large gains still are expected for 2017. At $1,692 and $1,616 per month, asking and effective averages in the third quarter were up 5.6% and 4.8% year-to-date. Gains for the quarter alone were 1.8% and 1.6%. Growth over the next two months, including small losses in November, however, was negligible.
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Vacancy has remained favorable so far overall in the Seattle apartment market, but it has been rising; additional increases are expected. The rate for the third quarter of 2017 was 5.1%, up 30 basis points for the period and up 20 year-to-date following a loss of 40 basis points all told through 2016. The market’s recent rent growth has been astonishing. From the end of 2011 through the third quarter of 2017, asking and effective averages saw overall increases of 59.2% and 60.3%. Gains for 2016 alone were 10.5% and 11.0%—and the increases recorded for 2015 ran at about 13.0%. While growth is slowing, large gains still are expected for 2017. At $1,692 and $1,616 per month, asking and effective averages in the third quarter were up 5.6% and 4.8% year-to-date. Gains for the quarter alone were 1.8% and 1.6%. Growth over the next two months, including small losses in November, however, was negligible.
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Industrial

Seattle’s third quarter 2017 warehouse/distribution vacancy was low at just 6.2%, down 10 basis points for the period and down 40 year-to-date after 2016’s 100-basis-points decline. The positive net absorption over the following two months resulted in a November vacancy rate of 6.1%. Rent growth, meanwhile, strengthened in 2016 and is doing so again in 2017. At $7.31 psf and $6.92 psf, asking and effective averages for the third quarter, quite high by national norms for this property category, represented gains of fully 4.0% and 4.2% year-to-date after increases of 3.4% each through 2016. Gains for the third quarter alone were 1.2% and 1.3%. October-November lifted these averages to $7.44 psf and $7.05 psf.
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Seattle’s third quarter 2017 warehouse/distribution vacancy was low at just 6.2%, down 10 basis points for the period and down 40 year-to-date after 2016’s 100-basis-points decline. The positive net absorption over the following two months resulted in a November vacancy rate of 6.1%. Rent growth, meanwhile, strengthened in 2016 and is doing so again in 2017. At $7.31 psf and $6.92 psf, asking and effective averages for the third quarter, quite high by national norms for this property category, represented gains of fully 4.0% and 4.2% year-to-date after increases of 3.4% each through 2016. Gains for the third quarter alone were 1.2% and 1.3%. October-November lifted these averages to $7.44 psf and $7.05 psf.
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Office

The Seattle general purpose, multi-tenant office market has continued to tighten. Overall vacancy ended the third quarter of 2017 at just 10.1%, down 30 basis points for the period and down 60 year-to-date following a loss on the order of 110 basis points all told in 2016. The excess of supply deliveries over net absorption that followed over the two-month span ending with November, meanwhile, added back 70 basis points. Rent growth, if slowing, has remained strong. At $36.22 psf and $29.89 psf, third quarter asking and effective averages were up 2.9% and 3.1% year-to-date following increases of 4.3% and 4.7% in 2016—after 2015’s gains of 7.8% and 8.1%. Third quarter 2017 increases were 0.9% and 1.0%. Data for November indicate increases to $36.52 psf and $30.10 psf.
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The Seattle general purpose, multi-tenant office market has continued to tighten. Overall vacancy ended the third quarter of 2017 at just 10.1%, down 30 basis points for the period and down 60 year-to-date following a loss on the order of 110 basis points all told in 2016. The excess of supply deliveries over net absorption that followed over the two-month span ending with November, meanwhile, added back 70 basis points. Rent growth, if slowing, has remained strong. At $36.22 psf and $29.89 psf, third quarter asking and effective averages were up 2.9% and 3.1% year-to-date following increases of 4.3% and 4.7% in 2016—after 2015’s gains of 7.8% and 8.1%. Third quarter 2017 increases were 0.9% and 1.0%. Data for November indicate increases to $36.52 psf and $30.10 psf.
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Retail

Vacancy in the Seattle community-neighborhood shopping center market as of the third quarter of 2017 remained low at just 8.0%, unchanged for the period and up 30 basis points year-to-date following a 40-basis-points increase through 2016. By the end of November, the rate had slipped to 7.9%. Rent growth is slow. At $25.06 psf and $22.19 psf, third quarter asking and effective averages were up 2.0% apiece year-to-date after gains of 1.7% each all told in 2016. Third quarter 2017 gains were 1.5% apiece. October-November brought additional increases of 1.0% each.
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Vacancy in the Seattle community-neighborhood shopping center market as of the third quarter of 2017 remained low at just 8.0%, unchanged for the period and up 30 basis points year-to-date following a 40-basis-points increase through 2016. By the end of November, the rate had slipped to 7.9%. Rent growth is slow. At $25.06 psf and $22.19 psf, third quarter asking and effective averages were up 2.0% apiece year-to-date after gains of 1.7% each all told in 2016. Third quarter 2017 gains were 1.5% apiece. October-November brought additional increases of 1.0% each.
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